The Bermuda Monetary Authority and National Association of Insurance Commissioners discussed issues of mutual regulatory interest when they met for a seventh official regulatory dialogue since the signing of a memorandum of understanding in 2015.
The NAIC is a US-based standard-setting and regulatory support organisation created and governed by the country’s chief insurance regulators from the 50 US states, the District of Columbia and five US territories.
Topics discussed included: NAIC Credit for Reinsurance model revisions and Bermuda’s 2019 Qualified Jurisdiction re-evaluation; International Association of Insurance Supervisors insurance capital standard developments; catastrophe risk; and innovation and technology initiatives in both jurisdictions.
The dialogue took place on the sidelines of the NAIC’s summer national meeting held last week in New York City.
According to the Association of Bermuda Insurers and Reinsurers, Bermuda is the largest supplier of catastrophe reinsurance to US insurers.
Craig Swan, managing director, supervision (insurance) at the BMA said: “The relationship between the Bermuda and US markets is an important one. Bermuda commercial property and casualty (re)insurers and alternative capital structures have paid over $200 billion in claims to US policyholders in the past decade, including 30 per cent of the claims arising from the 2017 hurricanes Harvey, Irma and Maria.”
Abir hosted a reception at the NAIC summer national meeting. The gathering included US state insurance regulators, NAIC executives and global (re)insurance industry participants to recognise the BMA on its 50th Anniversary.
The NAIC delegation at the dialogue included: NAIC president and Maine superintendent, Eric Cioppa; NAIC president-elect and South Carolina director, Raymond Farmer; NAIC vice-president and Florida commissioner, David Altmaier; and NAIC secretary-treasurer and Idaho director, Dean Cameron. NAIC CEO Michael Consedine and COO Andrew Beal also participated.
The BMA delegation included Mr Swan; Ricardo Garcia, chief actuary; Yvette Pierre, director, policy; Natalie Stevenson, assistant director, international affairs; and Cara Philip, graduate trainee.